- Circulars E.2066/2023 and E.2068/2023 provide guidance on VAT treatment of over the counter (OTC) derivative products in Greece.
- Revenues from contracts for difference (CFDs) are subject to VAT at a rate of 24% because they are OTC derivatives and not traded on a stock market.
- VAT exemption for derivatives is only available for those traded on a stock market, according to EU and national law and the Court of Justice for the European Union (CJEU).
- The supply of services and income related to transactions concerning OTC derivatives are exempt from VAT if at least one of the contracting parties is a credit institution or an Investment Services Company (AEPEY).
- The place of supply and taxation of services related to CFDs must be determined based on Article 14 of the VAT Code, taking into consideration the establishment of the parties involved.
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
